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schoumacher. the federal reserve board is responsible for deciding how much money the economy needs to grow. in the early 1970s, the fed held to a policy of using the money supply to try to keep the economy on course. in times of inflation, the fed tightened the money supply to squeeze excess dollars out of the economy. in times of recession, it increased the money supply to stimulate growth. but in 1975, the fed, under the chairmanship of arthur burns, faced a new and troubling dilemma -- caught between persistent inflation and a growing recession, how did chairman burns keep the economy on course? by late 1974, inflation had become a serious economic problem. under pressure from rising fuel prices, inflation rose to a staggering 12%. inflated interest rates had driven up the price of mortgages and brought the building industry to a standstill. sales of new cars and home appliances plunged. in september, president gerald ford asked congress to join him in a battle against inflation. my first priority is to work with you to bring inflation under control. inflation is domestic enemy number o
is beginning to court the global economy rough e sale ofydelic power. weskosan achieve sustaible delopment, generang ecomic growth of its indigenous tions wd its natural environment. the mekong river traces an 1,100-mile path through or along the border of laos. the river has also been a barrier between laos and its neighbors. now there is a road, where before there was none. in 1994, the friendship bridge gave laos its first land link with the outside world, through thailand to the west. the bridge may symbolize a connected future, but laos in the here and now remains among the poorest countries in the world. ( rooster crows ) it is the least developed country in the lower mekong basin. life expectancy is low, about 53 years. ( rooster crows % of cn e maourished. the potential changes brought by economic development are enormous. the soil here is rich and fertile. laos remains a largely agrarian society. lowland peoples practice wet rice farming. the capital, vientiane, has a population of just half a million. the rest of the 5½ million laotians are spread over 155 million square miles o
are warning that the unprecedented measure could scare away investors from the eurozone's weaker economies. --separate's president cypress's president has just addressed the nation. what did the president have to say? he calmed the situation? >> he appeared on television in the last 20 minutes or so. he just wrapped up his speech, very sober. he said he fully undertakes the ,esponsibility for his actions and the solution to cyprus's economic woes. he said, this is not what we wanted to do, but it is the least painful under the circumstances. the lessn his words, worse of two evils. he said, we are trying to avoid these viciou the vicious circled memorandum. he said that he would respect the vote of romans, but his job is to try to cobble together a majority to get this past -- parliament, but his job is to try to cobble together a majority to get this passesed. >> cyprian's are stunned. they never dreamed they would be affected personally, that money would be taken from their accounts. they feel like they have been very hard done by, and they desperately oppose this bailout agreement. many
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